Annual Report
and
Financial Statements
of
The Reverend Doctor George Richards, Charity
for
Poor Clergymen
Charity Number 246965
For the year ended 31 December 2024
Prepared under the Receipts and Payments Accounting Basis

THE REVEREND DR GEORGE RICHARDS, CHARITY
Annual Report for year ended 31 December 2024
On 31 December 2024 the investments/assets of the Charity were valued at £1,408,191
compared with £1,358,588 at the corresponding year end in 2023, an increase of 3.6 per cent
compared with an increase of 2.6 per cent the previous year. Income rose by 8 per cent
(receipts of £51,633 in 2024 compared with £47,655 in 2023), though it was still lower than
in 2021 (£53,498). The continuing war in Ukraine, conflict in the Middle East and the
worldwide economic situation in general, continue to impact the financial health of the
Charity's funds.
The Charitvs investments are divided between the Central Board of Finance of the Church of
England, M & G Charifund and Rathbones (formerly Investec). Income from all these funds
rose compared with 2023: Charifund by 5 per cent. and CBF Investment Fund and the CBF
Property Fund both by 1.5 per cent. Investec merged into Rathbones during 2024, which now
manages the funds transferred from the Tancred charity, and it was particularly welcome to
see a small recovery in income from these investments - a rise to £21,296 compared with
£19,251 in 2023 and £21,819 in 2022, though still much lower than £28,344 recorded in 2021.
We continue to keep our investment policy under regular review.
The Charity features in most Diocesan Year Books or on their websites and entries are in the
Directory of Grant Making Trusts and on the Turn2us website.
Administrative costs and time are necessarily expended in responding to all enquiries, some
of which fall outside the objects of the Charity.
Numbers of grant payments inevitably vary from year to year. In 2024 they numbered six
compared with only two in 2023. Many recipients value the emotional support we are able to
give at the same time as granting financial support. Beneficiaries are required to declare, on
the official application form provided, their income from all sources in order that their
particular need can be assessed. Encouragement is given to appropriate applicants to seek
relevant statutory support or occasionally review of their clergy pension. We also work
closely with the Welfare Benefits Adviser at the Church of England Pensions Board Housing
Division as well as the other clergy charities as needed. We aim to be as flexible as we can be
in our grant giving within the objectives of the Charity and more grants are now agreed bv
email outside the formal face to face meetings in order that the assistance can be as timely
as possible. Such decisions are always ratified at the next formal meeting of Trustees.
If the financial position allows, the Charity makes'christmas gifts, to a number of former grant
recipients. Each year the list of recipients is carefully reviewed and in 2024, 33 gifts, each of
£300, were made, the same level as in the previous two years. These gifts are intended to
acknowledge hardship during the 'cost of living crisi5', as well as recognising the need to
disburse our funds. We also recognise the need for the grantees, many of whom took early
retirement because of mental health issues, to feel remembered at a time when many can
feel very lonely. Grants are accompanied by a signed Christmas card from the Secretary of the
Trustees.

In addition to the ad hoc grant payments, the Charity is now responsible for making regular
quarterly payments to needy Tancred 'pensioners': one died during the year, bringing the
number to eight. The Trustees reviewed the level of these payments at the end of the year
and concluded that the performance of the designated funds held for this purpose did not
allow a general increase in the payments for 2025. Instead, the beneficiaries received
Christmas gifts at the same level {£300} as those from the original Charity, bringing the total
number of recipients to 41.
At their meeting in July 2024, the Trustee5 discussed the future of the Charity. They expressed
concern about the difficulty which the Charity had experienced in recent years in raising its
profile to attract grant applications, and the undesirable surpluses of income over
expenditure which had resulted. Measures to raise the profile, for example by developing a
website and modern methods such as interactive application forms, were relatively costly for
a small charity such as George Richards and discussions of collaboration with other small
clergy support charities had not yielded any concrete results. An added difficulty is that all
Trustees serve ex officio, so delegation of responsibilities is not possible, and it is difficult to
find time in crowded diaries to meet when Trustees are geographically scattered.
The Trustees therefore resolved to pursue the possibility of amalgamation of the Charit¢s
funds with those of the Clergy Support Trust, a charity with broadly similar objectives but
much larger and therefore able to provide a much speedier and more efficient seriice to
clients than is possible for the George Richards charity. This is being taken forward in 2025
with the Charity Commission.
The Trustee5 are grateful to Mr5 Jenny Allen, Secretaryto the Charity, for her work and sUPPOrt
throughout the year.
List of trustees for 2024
(All ex officio)
The Archdeacon of West Ham, The Ven Elwin Cockett (until September 2024)
The Master of Charterhouse, Mr Peter Aiers
The Archdeacon of Middlesex, The Ven Richard Frank
The Archdeacon of St Alban5, The Ven Dr Jane Mainwaring
The Archdeacon of London, The Ven Luke Miller
The Archdeacon of Colchester, The Ven Ruth Patten
The Vicar of St Martin-in-the-Fields, The Revd Canon Dr Sam Wells
Signed: £uAe _fi4itQr
The Ven Luke Miller, Chair of Trustees

INDEPENDENT EXAMINER'S REPORT TO THE REVEREND DOCTOR GEORGE RICHARDS,
CHARITY FOR POOR CLERGYMEN
FOR THE YEAR ENDED 31 DECEMBER 2024
I report to the trustees on my examination of the accounts of The Reverend Doctor George Richards,
Charity for Poor Clergymen for the year ended 31 December 2024.
Respon5ibilitie5 and basis of report
As charity trustees of The Reverend Doctor George Richards, Charity for Poor Clergymen, you are
responsible for the preparation of the accounts in accordance with the Charities Act 20111'the Act'l.
I report in respect of my examination of The Reverend Doctor George Richards, Charity for Poor
Cler8ymen's accounts carried out under section 145 of the 2011 Act and in carrying Out my
examination, I have followed all the applicable Directions 8iven by the Charity Commission under
section 145(5llbl of the Act.
Independent exarninerfs statement
I have completed my examination, I confirm that no material matter5 have come to my attention in
connection with the examination which gives me cause to believe that in any material respect:
the accounting record5 were not kept in accordance with section 130 of the Act; or
the accounts did not accord with those records,. or
the accounts did not comply with the applicable accounting requirements concerning the
form and contents of accounts set out in the Charities (Accounts and Reports) Regulations
2008 other than any requirement that the accounts give a 'true and fairf view which is not a
matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understandin8 of the
accounts to be reached.
Carl Page FCCA
Ensors Accountants LLP
Member of the Institute of Chartered Accountants in En8land and Wales IICAEWI
Blyth House
Rendham Road
Saxmundham
Suffolk
IP17 IWA
Dated: oII0.7120'

The Reverend Dr George Richards Charity
Receipts and Payments account
For the year ended 31 December 2024
2024
2023
RECEIPTS
Divldends and interest
Charifund units
CBF Investment Fund
C8F Property Fund
CBF Deposit Fund
CAFCash account
CAF Gold account
Investec funds income
17,222
7,767
2,940
651
29
1,728
21.296
16,361
7,648
2,896
478
44
977
19,251
Total receipts
51,633
47,655
PAYMENTS
Grants ex Tancred
Grants
Christmas gifts
Honorarium - Secretary
18,900
4,739
11,400
1.250
20,160
3,594
12,300
2,500
Operatlng expenses
Travel & expenses - Trustees
Travel & expenses - Secretary
Trustee insurance
Fees - independent examiner {2 yrs)
Bank charges
68
118
112
181
112
1,212
97
100
Total payments
37,891
38,952
Excess of receipts over payments
13,742
8,703
Balance brought forward at 1 Jan 2024
70,720
62,017
Balance carried fO￿ard at 31 December 2024
84,462
70,720

The Reverend Dr George Richards Charity
Balance Sheet at 31 December 2024
Capital Funds
Balance at 1 January 2024
293.023
Investment schedule
300,283
Increase in value of investments
7,260
Balance at 31 December 2024
300.283
300.283
Expendable Funds
Balance at 1 January 2024
1,065,565
Investment schedule
1,004,946
Increase in value of investments
28,601
CBF deposit account
12,500
Excess of income over
expenditure for year
13.742
CAFbank current account
3,517
CAFbank deposil account
80,945
Half cello at cost
6,000
Balance at 31 December 2024
1,107,908
1,107,908
Total Funds
1,408.191
1,408,191
Approved by the Trustees al their meeting on 23 June 2025
£uEe Jlilter
Chairman
Jenny Atfen
Secretary
Schedule of Investments at market value at 31 December 2024
Capltal
Price (p) Shares
Expendable
Shares
Value
Value
M & G Equities Investmenl Fund
1,472.40 19,135.00 281.743
C8F Investment Fund
2,312.27
12,378.00
286,213
CBF Propety Fund
123.19 15,049.68
18,540
29,430.15
36,255
Inv8Stec funds
682,478
300.283
1,004,946
Market value at 31 December 2023
293.023
976,345
Change in value in 2024
7.260
28,601